Essex Investment Management Co. LLC Cuts Position in Globus Medical, Inc. (NYSE:GMED)

Essex Investment Management Co. LLC cut its stake in Globus Medical, Inc. (NYSE:GMED) by 3.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,945 shares of the medical device company’s stock after selling 2,041 shares during the quarter. Globus Medical comprises about 1.0% of Essex Investment Management Co. LLC’s portfolio, making the stock its 24th biggest position. Essex Investment Management Co. LLC’s holdings in Globus Medical were worth $5,289,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp boosted its position in shares of Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after purchasing an additional 81,371 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Globus Medical by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after purchasing an additional 21,935 shares in the last quarter. Geneva Capital Management LLC boosted its position in shares of Globus Medical by 13.6% in the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock worth $150,188,000 after purchasing an additional 217,707 shares in the last quarter. Parsifal Capital Management LP lifted its position in Globus Medical by 50.5% during the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after acquiring an additional 453,053 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Globus Medical by 29.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock worth $88,610,000 after acquiring an additional 285,172 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 18.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on GMED. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. BTIG Research lifted their price target on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Stifel Nicolaus lifted their price target on Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Finally, Truist Financial lifted their price target on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.82.

Globus Medical Price Performance

Shares of Globus Medical stock opened at $77.48 on Friday. The stock has a market cap of $10.66 billion, a P/E ratio of 103.31, a P/E/G ratio of 1.61 and a beta of 1.19. The stock’s 50 day simple moving average is $85.90 and its 200-day simple moving average is $79.70. Globus Medical, Inc. has a 1-year low of $49.33 and a 1-year high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. As a group, research analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.